Apr. 23, 2008 (China Knowledge) - As of Apr. 22, 346 funds managed by 58 companies have released their quarterly report, booking combined loss of RMB 647.5 billion in the first quarter of 2008, sources reported.

The Chinese Securities News cited a consulting company's report that combined assets under management shrank to RMB 2.48 trillion, with stock holdings accounting for only 74.68% of the total investment. As of the end of the quarter, market cap of the stocks they invested accounted for 23.2% of the market cap of the total tradable A-share, down 3.3% from that of the end of last year.

Stock-oriented funds lost RMB 466.59 billion in the first quarter, with an average NAV growth rate of -22.31%.

Most fund managers reduced their investment in stocks related to the financial, steel, transportation and storage industry. Instead, share holdings in petrochemical, real estate, food and beverage sectors increased slightly.